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Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
The Income Tax Department (ITD) creates Annual Tax Statement of each taxpayer using their Permanent Account Number (PAN) as identifier. The tax statement contains details of tax paid by the taxpayer himself (self assessment/advance tax) and also details of tax deducted/collected from him during the financial year.
The Finance Act, 1994, provided for levy of service-tax in respect of ‘Taxable services’. Section 68 of the aforesaid Act lays down that the provider of taxable services shall be liable for payment of service tax, at the specified rate. The relevant provisions in this regard are section 68 of the Finance Act, 1994, as also Rule 6 of the Service-Tax Rules.
ITO VS. VARIA PRATIK (ITAT A’BAD) Though s. 292BB comes into force on 1.4.2008 and not from any particular assessment year, it is declaratory, procedural and curative in nature and accordingly the validity of notices issued/served will have to be decided after 31.3.2008 in accordance with the provisions of section 292BB irrespective of the assessment year involved;
SHIVSAGAR VEG VS. ACIT It is incumbent upon the Tribunal, being the final authority of facts, to appreciate the evidence, consider the reasons of the authorities below and assign its own reasons as to why it disagrees with the reasons and findings of the lower authorities. The Tribunal cannot brush aside the reasons or findings recorded by the lower authorities. It must give reasons and its failure to do so renders its’ order unsustainable
It is settled law that a writ cannot be entertained against a mere show-cause notice unless the Court is satisfied that the show cause notice was totally non est in the eye of law for absolute want of jurisdiction of the authority to even investigate into facts. The assessee has not been able to demonstrate absolute want of jurisdiction in the AO.
Gujarat State Petroleum Corpn. Ltd. v. JCIT The deduction claimed by the assessee under section 42 cannot be considered for the purpose of computing the deemed income under section 115JA
The period of limitation during which an order imposing a penalty can be passed in the case falling under section 275 (1)(c) would be a period of six months beginning from the end of the month in which the action for imposition of pending was initiated. The period of limitation during which an order imposing a penalty can be passed in the case falling under section 275 (1)(c) would be a period of six months beginning from the end of the month in which the action for imposition of pending was initiated.
ACIT v Makote Hoshizaki The perquisite value of rent free accommodation as per Rule 3 of Income-tax Rules, 1962 will be 20 per cent and not 10 per cent of the salary as reduced by the rent, if any, actually paid by the employer or the actual rent paid by the employer in case the premises are not owned by the employer whichever is lower.
BLK Securities Pvt. Ltd. v. ITO The assessee company shall, for the purpose of section 73 of the IT Act, be deemed to be carrying on a speculation business to the extent to which its business consists of the purchase and sale of shares of other companies; thus, the loss incurred in purchase and sale of shares of other companies shall be deemed to be a speculation loss.
Thermal Systems (Hyd.) Pvt. Ltd. v. ACIT The failure of the Assessing Officer to record the reasons and to make enquiry with regard to the claim of the assessee makes the assessment order erroneous and prejudicial to the interests of the Revenue.
